Turtles

Only available on StudyMode
  • Download(s) : 156
  • Published : April 6, 2013
Open Document
Text Preview
Fighting the scams, frauds and charlatans

The Original
T
urtle Trading Rules

ORIGINALTURTLES.ORG

The Original T
urtle Trading Rules

 2003 OrignalTurtles.org

T
able of Contents
Volatility Adjusted Position Units
Examples

FOREWORD

14
14

Free Rules? Are you kidding?

1

The Importance of Position Sizing

15

The Origin of the Free Rules Project

1

Units as a measure of Risk

16

The Ugly Truth about the System Sellers

2

Adjusting Trading Size

17

Rules You Won’t Follow Don’t Matter

3

The Genesis of the Project

3

CHAPTER

FOUR

Entries
Breakouts

The Turtle Experiment

CHAPTER

5

18

Adding Units

19

Consistency

INTRODUCTION

18

20

ONE

A Complete Trading System

7

CHAPTER

The Components of a Complete System

8

Stops

21

Markets – What to buy or sell

8

Turtle Stops

21

Position Sizing – How much to buy or sell 8

Stop Placement

22

Entries – When to buy or sell

Alternate Stop Strategy – The Whipsaw

23

Benefits of the Turtle System Stops

24

8

Stops – When to get out of a losing position9

FIVE

Exits – When to get out of a winning
position

9

CHAPTER

Tactics – How to buy or sell

9

Exits

25

Summary

9

Turtle Exits

26

These are Difficult Exits

26

CHAPTER

SIX

TWO

Markets: What the Turtles Traded

10

CHAPTER

SEVEN

Tactics
CHAPTER

Entering Orders

THREE

27
27

Position Sizing

12

Fast Markets

28

Volatility – The Meaning of N

12

Simultaneous Entry Signals

28

Dollar Volatility Adjustment

13

Buy Strength – Sell Weakness

29

Rolling Over Expiring Contracts

29

Finally

30

CHAPTER

EIGHT

Further Study

32

Trading Psychology

32

Money Management

33

Trading Research

33

Final Warning

33

Foreword

ORIGINAL TURTLES

f

Free Rules?
Are you kidding?
Why are some of the Original Turtles giving away Rules for which others have charged thousands of dollars? Are these the actual Original Turtle Trading System rules?

Y

ou probably asked yourself the same questions: “Why would anyone give away the rules to the original Turtle Trading System? How can I be sure that these are the original Turtle Trading System rules as taught by Richard Dennis and William Eckhardt?” The answer to these questions lies in the origin of this project.

The Origin of the Free Rules Project
This project had its seed in various discussions among a few of the original Turtles, Richard Dennis, and others regarding the sale of the Turtle
Richard Dennis and
William Eckhardt Trading System rules by a former turtle, and subsequently, on a website by a non-trader. It culminated in this document, which were not consulted prior to
the marketing of the Turtle
discloses the Original Turtle Trading Rules in their entirety, free Trading Rules and did not
of charge.
benefit in any way from the
sale of the Turtle Rules they
developed.

Why? Because many of us believed that we owed an obligation
to Richard Dennis not to reveal the rules, even after our contractual 10 year secrecy pact ended in late 1993. For this reason, we did not look kindly upon the sale of those rules by a former turtle.

Further, we saw the sale on the web site as crass and opportunistic intellectual property theft, an act that, while technically not illegal, was certainly not honorable. At the same time, having seen others try to follow these rules first-hand, I realized it was unlikely that their publication would result in very many people actually learning to

1

ORIGINAL TURTLES

trade like the Turtles. In fact, I knew that most of those who spent thousands to learn these heretofore secret rules would end up disappointed, for three reasons: •

The rules wouldn’t be clear, since the people selling them didn’t know how to trade.



Even if they were clearly presented,...
tracking img